The paper reviews the performance of bank and non-bank mutual funds in Israel. The issue is of particular interest because of legislation (the Bachar Reforms) that required the banks to divest the mutual funds under their control. The legislation was designed to reduce the banks' influence in...

We examine the role of institutional investors in corporate governance in an environment where ownership is concentrated. The presence of dominant shareholders alters the role of institutional investors by limiting their voting influence; by shifting the focus from shareholder-manager conflicts...